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Volvo confirms Geely as preferred bidder

Chinese motor manufacturer Geely is leading the race to acquire the Volvo Car Corporation from Ford Motor Company

Geely is the fourth largest vehicle exporter in China having moved over 40,000 units in 2008.

"Ford's objective in our discussions with Geely is to secure an agreement that is in the best interests of all the parties," said Lewis Booth, Ford Motor Company executive vice president and chief financial officer.

"Any prospective sale would have to ensure that Volvo has the resources, including the capital investment, necessary to further strengthen the business and build its global franchise, while enabling Ford to continue to focus on and implement our core ONE Ford strategy."

Booth stated that his company believes Geely will be a responsible owner, one that continues Volvo's Swedish traditions and keeps its core values intact. Any new Volvo proprietor would take sole ownership since Ford has no intention of keeping any shareholding. However, cooperation would proceed in some areas such as component supply, engineering and manufacturing.

Ford says it is maintaining continuous talks with shareholders, unions and the Swedish government regarding these and other proposals for the European premium automaker.